Tax thought leadership roundup (April 2015)

Keep up with the latest thinking on tax in Canada with this roundup of alerts, articles, white papers and thought leadership releases.

Find a selection of recent tax-related alerts, articles, white papers and thought leadership releases from Canada’s tax community. For more insight and resources, follow the links below to the tax websites of Canada’s seven largest professional services firms, as well as their tax rates and research tools.

GENERAL INTEREST

Budget 2015 – Tax Policy Issues for Consideration (Deloitte)

What budget measures should the Government of Canada adopt to improve economic prosperity for Canadians?

Form T1135: New streamlined reporting option (Grant Thornton)

How can you take advantage of the simplified method for reporting your foreign investment property held in accounts with Canadian registered securities dealers and Canadian trust companies?

Important dates for 2015 (BDO)

Keep track of important tax dates that may affect you or your business with this summary of 2015 deadlines to remember and mark on your calendar.

Making income tax payments on time (BDO)

Use these handy tables to find out when personal and corporate income tax payments and instalments are considered received by the Canada Revenue Agency (CRA) and the provincial tax authorities.

CORPORATE TAX

Significant Changes to Quebec R&D Tax Credit Program (Grant Thornton)

Changes that could affect the amount you can claim for doing R&D in Quebec include a new minimum expenditure threshold for making R&D claims and standardization of the various R&D tax credit rates.

Important considerations when paying management fees (BDO)

The Canada Revenue Agency reviews intercompany management fees closely. There are a number of important things to keep in mind to make sure these fees are tax-deductible.

OWNER-MANAGED BUSINESSES

Adviser alert – Preferred shares issued in a tax planning arrangement (Grant Thornton)

Find out how revisions to accounting for redeemable preferred shares might affect estate freezes and other types of tax planning arrangements.

Incorporating your business (BDO)

If you run a business, learn what tax planning opportunities can become available to you by simply incorporating. Also, find out the special advantages that arise when incorporating your farm business.

Should I Make Charitable Donations Personally or Through My Company? (MNP)

If you own an unincorporated business, how should you make your charitable donations to get the best tax result? And how does the analysis differ if you live in Alberta?

Succession planning for the transition of the family farm (BDO)

With changing demographics, three out of four businesses are expected to change hands during the next decade. What should business owners do to prepare to pass on a family farm to the next generation?

PERSONAL TAX

Automobile expenses and record-keeping (BDO)

To substantiate your tax claim for car expenses, you’ll have to maintain detailed records of the expenses you incur and the kilometres you drive on income-earning activities.

Car expenses and benefits - A tax guide (2015) (PwC)

Read about the tax consequences that arise when an automobile is supplied to a shareholder or partner, or when a self-employed person uses an automobile for business.

Canada Pension Plan – retirement considerations (BDO)

Deciding when to apply to start receiving CPP benefits can be complex. Here’s what you need to know to make the best determination for your circumstances.

CRA guidance on fraudulent investment schemes (MNP)

What should you do for tax reporting purposes if one of your investments turns out to be illegitimate? The Canada Revenue Agency recently offered some advice.

Estate planning (BDO)

What are the components of a good estate plan and how do they apply to your situation and goals? This bulletin aims to help you design your estate plan and to revise it as you move through different stages of life.

Failure to pay tax instalments can be costly (BDO)

Who has to make tax instalments? How are instalments calculated? And why is it important to pay them on time?

Income splitting and other pre-election tax breaks (Grant Thornton)

With a federal election coming this fall, what pre-election personal tax breaks are being announced?

Managing your personal taxes 2014-15, a Canadian perspective (EY)

Tips, strategies and suggestions to help you understand your tax situation, plan for the future, benefit from government incentives and — perhaps most important — save time and money.

Six Tips to Help Keep the Taxman at Bay (Grant Thornton)

In this article from Canadian Builder magazine, you’ll learn six sure-fire ways to reduce your income tax bill.

Alarming new changes to testamentary trust rules (Grant Thornton)

Proposals released in August to enact 2014 budget tax changes for testamentary trusts included new measures that could significantly disrupt your estate plan.

What’s new for your 2014 personal income tax return? (BDO)

Find out about the Family Tax Cut, the Search and Rescue Volunteer Credit and other changes to keep in mind when preparing T1 returns for 2014.

CANADA-U.S. TAX ISSUES

A Record Number of Americans Renounced Citizenship in 2014 (MNP)

How are U.S. tax rule changes driving expatriate Americans – many who live in Canada – to renounce their U.S. citizenship?

IRS simplifies procedures for Canadian retirement plans (Grant Thornton)

Welcome changes will ease the tax reporting rules for U.S. taxpayers who hold Canadian registered retirement savings plans and registered retirement income funds.

Tax Insights: Estate tax update – Owning a U.S. vacation home (2015 edition) (PwC)

U.S. estate tax can apply on a U.S. vacation home owned by a deceased resident of Canada, but the Canada-U.S. tax treaty might offer some relief.

U.S. taxation of snowbirds (MNP)

The United States has some peculiar rules about taxation and residency. Find out how you can avoid running afoul of them.

INDIRECT TAX

New Global VAT/GST Regime Coming for Cross-Border Sales of Services and Intangibles (KPMG)

If countries around the world adopt the OECD’s International VAT/GST Guidelines, businesses that sell services and intangible goods internationally may have to change the way they collect the related tax.

Tax Insights: Valuation adjustments after importation: Bad and good news for importers (PwC)

The Canada Border Services Agency changed its policy on downward price adjustments and how they apply to declared value calculations for imported goods. Find out the good news – and the bad.

Upcoming Changes to the GST/HST Closely-Related Election (Update) (Grant Thornton)

What do you need to do under new rules to take advantage of the election that allows closely related corporations and partnerships to enter transactions without having to charge sales tax?

INTERNATIONAL TAX

2014 global transfer pricing tax authority survey (EY)

The insights and perspectives of tax authorities in a wide range of transfer pricing jurisdictions can help you dealing with your organization’s transfer pricing issues in the countries surveyed.

Canadian companies are experiencing the global tax [r]Evolution (Deloitte)

Survey results reveal how Canadian tax and other executives are responding to the global movement toward more tax transparency and more scrutiny from tax authorities.

Getting to Grips with the BEPS Action Plan (Grant Thornton)

What the OECD’s planned overhaul of the international tax system means for your business and how you can get ready for the shake-up ahead.

Navigating expatriate tax, no matter the locale (Grant Thornton)

As more Canadian businesses realize the benefits of going global, they face the complex challenges of managing a global workforce. What tax issues present the biggest potential roadblocks – or opportunities?

The outlook for global tax policy in 2015 (EY)

For more than a half decade, the global tax environment has felt like a rollercoaster. What twists and turns can you expect in 2015?

Tax Treaty Disputes — OECD Seeks Better Resolutions (KPMG)

Companies that do business across international borders may want to review – and comment on – the OECD’s new proposals to improve how tax treaty disputes get resolved.

Transfer Pricing — CRA Gets Tough on Intercompany Management Fees (KPMG)

Is the Canada Revenue Agency gearing up for more audit challenges of intercompany management fees? In light of new CRA guidance, companies may want to revisit current transfer pricing policies and documentation.

ACCOUNTING FIRMS

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